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FE D E R A L R E SE R V E BANK OF NEW YORK Fiscal A g en t o f the U nited States r Circular X o . 4 4 9 8 T L A ugust 15, 1957 J RESULTS OF BIDDING F O R SPECIAL CASH OFFERING OF 237-D A Y T R E A S U R Y BILLS To A ll In corporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: The T reasury Departm ent announced last evening that the tenders fo r $1,750,000,000, or thereabouts, o f 237-day T reasury bills to be dated August 21, 1957, and to mature A p ril 15, 1958, which were offered on A ugust 12, were opened at the F ederal R eserve Banks on A ugust 14. The details o f this issue are as fo llo w s: Total applied fo r. . . $3,177,328,000 Total a c c e p te d ......... $1,750,043,000 (includes $296,329,000 entered on a non competitive basis and accepted in fu ll at the average price shown below) Range o f accepted competitive bids: (excepting four tenders totaling $4,690,000) H igh .......................... 97.470 Equivalent rate o f discount approx. 3.843% per annum Low ............................ 97.202 Equivalent rate o f discount approx. 4.250% per annum Average 97.253 Equivalent rate o f discount approx. 4.173% per annum ................... (49 percent o f the amount bid for at the low price was accepted) Federal R eserve D istrict Total A pplied f o r Boston ................................................... $ 119,737,000 New Y ork ............................................. 1,629,083,000 Philadelphia ....................................... 127,505,000 Cleveland ............................................. 118,562,000 Richmond ............................................. 77,023,000 Atlanta ................................................. 78,740,000 Chicago ................................................. 405,098,000 St. Louis ............................................... 82,681,000 Minneapolis ......................................... 95,835,000 Kansas City ......................................... 61,210,000 D a lla s ...................................................... 157,147,000 San Francisco ..................................... 224,707,000 T otal ....................................... Total A ccepted $ $3,177,328,000 85,721,000 540,000,000 102,028,000 90,492,000 69,748,000 70,816,000 293,719,000 68,641,000 95,733,000 53,188,000 156,790,000 123,167,000 $1,750,043,000 A lfred H ayes, President.
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